Lynn Colbert Charitable Foundation

Nonprofit profile at a glance

EIN
736131373
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Duncan, OK, USA
Phone
5802517027
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$5,199,267
Expenses
$4,390,622
Assets
$51,831,712
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

Highest reported compensation

  • TIM FALTYN (CO-TRUSTEE): $398,527 total reported compensation
  • JUSTIN CELLUM (CO-TRUSTEE): $150,997 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Grant scholarships to students attending murray state college and supplement operational funds for murray state college.

What it reported doing in 2024

The lynn colbert charitable foundation continues to award scholarships to students attending murray state college. The students receiving scholarships include recipients from within stephens county as well as outside the stephens county area. Some of the students received tuition, fee, & book waivers, while others received on-campus housing waivers, and a group of students received waivers for both. Funds are also used to supplement operational funds for murray state college as chosen by leadership of murray state.

Operating model

Revenue model
Other-operating. 60% of the money available for current operations came from other operating revenue.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 68
  • Accountability: 35
  • Sustainability: 76
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.4%; rating input score 93
  • Program expense ratio: 84.5%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 40%; rating input score 40; 7th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 15.6%; rating input score 72; 72nd percentile among comparable filings
  • Total-asset coverage ratio: 11.81; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 8.8%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 10.1% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: -1.8% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 93.4% of revenue deployed · 84.5% of spending went to programs
  • Governance: 2 of 5 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3.7M in reported program spending
  • Leadership: top reported pay $399K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 15 of 15 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 40/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.